Before you Start your Credit History in Canada

What You need to know before starting

Unfortunately, it is much easier to destroy your credit than to fix it, so be sure to look at this new beginning as an opportunity to form good habits and start your credit history off right. The time and effort you put into building this solid foundation can eventually get you the best cards, loans and rates and may even end up saving you thousands of dollars. Good luck and happy building!

Care and Consideration

Getting a credit card should be done with care and consideration. As with any major decision, you should do as much research as you can. Read reviews to see what people are saying about the cards you are interested in and always read the fine print so you understand the fees, interest rates, reward program details and other specifics. In short, know what you are getting yourself into. Lastly, keep in mind that if you are under 21, you will need to have either a co-signer or a verifiable income that proves you have the means to repay your credit cards.

Your Legal Status in Canada

For security reasons banks require for applicants to have a Citizenship or Permanent Residency. If you have another legal status, it will be dificult to receive your first credit card without special conditions. In this case, we recommend you apply for a Secured Credit Card.